BytePro Update Reflects New RESPA Changes

Byte Software has released BytePro version 4.1, which contains features to meet new Real Estate Settlement Procedures Act (RESPA) requirements.

The additions include the new Good Faith Estimate (GFE) and HUD-1 settlement statement that are required for loans originated on or after Jan. 1, 2010.

The technology in BytePro 4.1 helps originators comply with some of the more complex aspects of the new requirements, the company says. For instance, BytePro captures and tracks the fee amounts that are disclosed on the GFE when it is first delivered to the borrower. This enables the software to provide alerts when there is a tolerance violation and also ensures that reissued GFEs contain only fee changes that are the result of bona-fide ‘changed circumstances.’

Version 4.1 also contains several new forms directly related to the new RESPA rules, including a GFE Acknowledgement form, a Changed Circumstance form, a Shoppable Providers List and a Closing Cost Estimate Worksheet.

SOURCE: Byte Software


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